As of October 15, 2008 the Federal Government has institued changes to the 100% financing options on all insured mortgages.  Zero down mortgages are no longer available at discount rates, but have reverted back to the programs offered a few years ago. 

0% Down payment options have been around for some time. They are designed to help those people who have stable employment (Minimun 2 years) and reasonably good credit but have not been able to raise a down payment (Minimum 5%).

Mortgage insurers (CMHC and Genworth Financial) have programs for those people with excellent credit to obtain 95% financing with 5% cash back.  The criteria includes a requirement for a high credit score (680 and above).  There are other lenders (self insurers) with similar programs that don't have as strict a credit requirement.  For example; credit scores of 600 or lower may still be considered. 

So just because your bank says no, doesn't mean that 0% down options are not available to you. There are lenders that will offer 95% financing with 5% cash back (to cover the down payment, or closing costs)

Contact us for a solution tailored to your needs.